Author: Admin

Pakistan, Azerbaijan explore deeper energy collaboration during minister’s Baku visit

Admin
Baku visit

Petroleum Minister Ali Pervaiz Malik, SOCAR president discuss joint ventures, energy security, and investment opportunities Federal Minister for Petroleum Ali Pervaiz Malik held a meeting with the President of the State Oil Company of Azerbaijan Republic (SOCAR) on Tuesday in Baku to explore ways to enhance bilateral energy cooperation and identify new opportunities in the oil and gas sector. As per a news release received in Islamabad, the discussion centered on reinforcing energy ties between Pakistan and Azerbaijan. Both parties shared perspectives on areas of mutual interest, with a focus…

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US natgas prices jump on lower output, higher demand

Admin
Gas

NEW YORK: US natural gas futures jumped about 8% to a three-week high on Monday on a drop in output forecasts for warmer weather and higher demand this week than previously expected. Analysts said gas prices also gained some support from a 5% increase in US oil futures after OPEC+ kept its output increase unchanged. Gas futures for July delivery on the New York Mercantile Exchange rose 27.3 cents, or 7.9%, to $3.72 per million British thermal units, putting the contract on track for its highest close since May 9.…

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Indonesia Jan-April palm oil exports at 6.41m metric tons

Admin
opec

JAKARTA: Indonesia exported 6.41 million metric tons of crude and refined palm oil in the January to April period, down 5.37% on a yearly basis, data from the statistics bureau showed on Monday. However, due to higher prices, the shipments were worth $7.05 billion in the first four months of 2025, up 20% from the same period in 2024. The bureau’s data excludes palm kernel oil, oleochemicals and biodiesel. Indonesia’s palm oil association GAPKI usually releases its own data at a later date, which cover more products and so has…

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Move to cushion PSO: Exchange rate losses adjusted into petrol prices

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Petrol-Diesel

ISLAMABAD: To cushion Pakistan State Oil (PSO) against exchange rate losses, the federal government has adjusted its fortnightly petroleum pricing, effective June 1, 2025, by reducing the Inland Freight Equalization Margin (IFEM) and slightly increasing average of Platts with incidentals and duty. The federal government adjusted Rs2.17 per litre exchange rate losses into petrol prices which led to increase in petrol prices by Re1 per litre with effect from June 1 to 15. With a major importer, state-owned PSO has 55 percent share in total petroleum products. The Oil and…

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Oil edges up as geopolitical concerns and weaker dollar support

Admin
Oil prices

LONDON: Oil edged up on Tuesday, in the face of rising geopolitical tensions as the war in Ukraine ramped up despite peace talks in Turkey and Iran was set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market…

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